{"id":17194,"date":"2022-06-30T18:43:13","date_gmt":"2022-06-30T13:13:13","guid":{"rendered":"https:\/\/cigniti.com\/blog\/?p=17194"},"modified":"2022-06-30T18:51:51","modified_gmt":"2022-06-30T13:21:51","slug":"nfts-reinventing-digital-world","status":"publish","type":"post","link":"https:\/\/www.cigniti.com\/blog\/nfts-reinventing-digital-world\/","title":{"rendered":"How NFTs are Reinventing the Digital World"},"content":{"rendered":"

One of the technological evolutions that has caught the attention in recent times is Non-Fungible Tokens (NFTs). It has been a phenomenon, with the values of some of the NFTs reaching astronomical heights. It remains to be seen whether this will be a bubble like the Tulip Mania or the Dot Com bubble, or whether it will mature into a viable technological option. Whatever the market dynamics in terms of value, NFTs do offer use cases that can be of great interest to the current day\u2019s digital world.<\/p>\n

What are NFTs? NFT expands to non-fungible tokens. As a definition, we can define NFT as “a cryptographic asset on a blockchain with identification codes that distinguish them from each other.” Importantly, they can\u2019t be traded or exchanged at equal value like cryptocurrency and fungible tokens.<\/p>\n

The two key terms to note here are<\/p>\n